What Does $1M Buy You in Sydney These Days?

axloz on 09/08/2019 - 12:14

It seems the apparent market decline in Sydney has not really had any effect. When I look on realestate.com.au or domain.com.au for properties suitable for a young family (ie, 2br or 3br house or townhouse) within 10kms of the city I'm really not seeing much up for sale..
I'm not seeing many actual houses under $1M, just a few semi's and beat-to-hell 'renovator delights'.
Townhouses start to appear around the Ryde or Canterbury areas.
Otherwise its all apartments.

Anyone else here looking and feeling rather depressed by this? A million bucks doesn't go very far any more it seems! Or are there just too many doctors and lawyers living in Sydney?

Home & Garden

Comments

  • HighAndDry on 09/08/2019 - 12:15
    +38

    (ie, 2br or 3br house or townhouse) within 10kms of the city

    Lower your expectations. There's nothing that says a young family can't live in an apartment. Or that they need to be within 10kms of the CBD.

    • kipps on 09/08/2019 - 12:29
      +4

      Username checks out.

      • HighAndDry on 09/08/2019 - 12:32
        +37

        Eh. I used to have sympathy when people say they couldn't find a property they could afford. That sympathy disappears pretty fast when I then find out their list of unreasonable requirements for that property.

        • 87percent on 09/08/2019 - 12:54
          +30

          you mean i can't find a brand new 4 bedroom house with a huge backyard in a good neighbourhood with plenty of parks, schools, cafes and public transport and safe within 10kms of the CBD for under $1m?

        • Stimps on 09/08/2019 - 12:56
          +26

          This is what we’ve come too, a townhouse and a small patch of grass for $1,000,000 is an unreasonable expectation. I wish they would just put the cash rate back to 7 percent and be done with this bubble.

          • kolorijo on 09/08/2019 - 12:59
            +7

            @Stimps: Or move elsewhere where you can still get a house++ with that kind of budget

            • lonewolf on 10/08/2019 - 17:11
              +25

              @kolorijo: Or maybe make the housing market more about people buying a home to live in than people buying several houses as extra investment properties and using tax loopholes. A house should first and foremost be about someones home and not just investments, there are so many other areas that are designed just for investment. I know people who own 50+ homes, the first couple were the hardest and now they buy homes without even being in the country at the time of the auction or having even seen the house or the inside.

              • cheng2008 on 10/08/2019 - 19:24
                -3

                @lonewolf: There's a saying that goes, as safe as houses. It shows that houses are an investment because of how safe they are, so telling people to not invest in them is just not going to work.

              • smartazz104 on 10/08/2019 - 20:19
                +1

                @lonewolf: The problem is some locations are more desirable than others: most work is in the CBD and stuff like that. And then you have people who like to poo poo other suburbs because they aren't as posh as where they live, or because the government likes to pick and choose where the money goes instead of looking at the big picture.

          • HighAndDry on 09/08/2019 - 13:05
            +4

            @Stimps:

            a townhouse and a small patch of grass

            Within 10kms of the CBD. And others obviously think paying >$1m is reasonable, because it's people willing to pay those prices which… well, set the prices where they are.

            Plus, inflation still happens.

          • tsunamisurfer on 09/08/2019 - 16:07

            @Stimps: The old…I can't play so I'll take the ball home routine.

            • Stimps on 09/08/2019 - 18:36
              +2

              @tsunamisurfer: Thanks mate, I’ll take it home to my freehold house in one of Adelaides best suburbs. I’ll think of you on my 12 minute commute to work next week, or when I’m gardening in my back yard, have you ever seen one of those?

          • greatlamp on 09/08/2019 - 17:42
            +7

            @Stimps: The average income is 70K pa. A couple on average incomes can borrow 900k

            Hence the average family can afford a $1 million dollar home.

            That is how the market is now. If you want tonlive in a desirable area, you need above average income as a couple

            • Kill Joy on 09/08/2019 - 19:40
              +4

              @greatlamp: I think the $900k number might be a bit lower now with current tightening of lending laws. My capacity went from 850k to 450k in 2 years…with 2 pay rises between.

              • drprox on 10/08/2019 - 07:45
                +2

                @Kill Joy: Get a new lender then because they're doing it wrong. Particularly with 2 recent cash rate cuts and the drop in floor rate.

                • Other on 10/08/2019 - 22:05

                  @drprox: The drop in floor rate is not having much of an effect since they are now including the cost of ownership as a separate monthly expense, though on more expensive property you will see much more of a pronounced difference.
                  The diff is about $100k or so for cheaper houses.
                  Kind of encourages people to afford the most expensive house they can afford.

                  Worse if you own an investment property. Then they will minus 20% and take into account property expenses as a separate expense. Along with the banks refusing to lend to SMSFs and the ATO recently targeting people with property in SMSF, I am start to believe that there is an aim to get people not to own IPs for their retirement.

                  • berry580 on 11/08/2019 - 23:38

                    @Other: Each bank have their own servicing calculation formula. Not sure who's "they" that you're referring to, but the cited rules are by no means applicable to all lenders.

                    Yeah, I'm the credit analyst in a non bank mortgage provider.

          • freakatronic on 10/08/2019 - 22:24
            +1

            @Stimps: That would see such a huge rush of foreign cash into our system that our currency would go parabolic. We'd lose every foreign customer for every domestic product.

          • resisting the urge on 11/08/2019 - 13:23
            +1

            @Stimps: That is so outside the bubble we shouldn't even comment.

            But as it would crash business investment overnight- I'll suggest that all the hard work we've done building out automation, mainly in the mines, gas production, oil extraction, big cotton, dairy, grains, let alone all the business supporting our endless consumption, all that would be at risk :-(

            With all the robots on the street, we could end up having to fund recruitment of blade runners at the same time the economy crashes

            • Stimps on 11/08/2019 - 13:59

              @resisting the urge: I only said 7 percent so the property spruikers wouldn’t deny it. Sydney is down 15 percent over the last couple years without a rate hike, in my opinion, even a cash rate of 2 percent would see more heavy losses in both Sydney and Melbourne.

          • brad1-8tsi on 12/08/2019 - 09:49

            @Stimps: @stimps

            It's not the townhouse and patch of grass. It's the "within 10km of the city". That hasn't been achievable for many years.

        • kipps on 09/08/2019 - 13:11
          +2

          Oh I’m not being critical. Just hilarious username and comment in that context

    • Other on 10/08/2019 - 21:51

      A unit that is unfit to inhabit?

      They are all the rage in Sydney now!

      If your looking for one, let me know quickly… mainly before it burns to the ground.

    • berry580 on 11/08/2019 - 23:30

      Or get a better job.

      • [Deactivated] on 12/08/2019 - 02:27

        Or stop eating smahsed avocado toast !

  • Seraphin7 on 09/08/2019 - 12:44
    +45

    Compare this with any other major city around the world. The "average, young family" does not live in an actual house within 10km of the CBD in any of those places.

    • HighAndDry on 09/08/2019 - 13:07
      +4

      Exactly. Some people seem to want the benefits of a first-class city without the costs of one.

      • Stimps on 09/08/2019 - 13:51
        -3

        Calling Sydney a first class city is becoming a bit of a stretch, maybe for those living within 10km of the city. Just wait until 2050 when there’s another 3.5 million jammed in.

        • HighAndDry on 09/08/2019 - 14:05
          +38

          https://en.wikipedia.org/wiki/Global_city

          I don't know why people keep trying to argue objective facts.

          Sydney is on the same level as Tokyo, Paris, Dubai, Shanghai, and by another ranking, is the world's 10th top city. You seem to think that just because you're not getting by as well as you think you should, that the city's not that great.

          Sorry to break it to you mate, problem's not with the city.

          • gimme on 10/08/2019 - 00:00
            +2

            @HighAndDry: The problem is we actually buy into all the shit we hear and see. I'd throw away 90%+ of the 'facts' out there.

          • Other on 10/08/2019 - 22:09
            +2

            @HighAndDry: Sydney is on the same level as Tokyo, Paris, Dubai, Shanghai???

            No. No its not.

          • INVOICE on 12/08/2019 - 13:53
            +2

            @HighAndDry:

            Sydney is on the same level as Tokyo, Paris

            As someone who's actually visited Tokyo and Paris. Sydney is not comparable. At all.

            • Stimps on 12/08/2019 - 16:17
              -1

              @INVOICE: Apparently it’s because it is a global city. Population size and density is irrelevant to the value of land in a global city. Also you can only compare one global city to another global city. For example, you would be crazy to compare Sydney to Melbourne. They are nothing alike. Beijing on the other hand makes a perfect comparison.

            • jatyap on 15/08/2019 - 17:51
              -1

              @INVOICE: As someone who's actually lived in Tokyo, yes it is. There are differences, and when you said "visited", I assume you've only seen the sights with rose-coloured glasses.

              Drunk businessmen puking on the late night trains are a regular occurence in Tokyo (and the fact that most people have to work that late… I'd take Australia any day of the week). Japanese often feel "obligated" to join their bosses for drinks after a full day of work (think after 9PM, starting at 8AM).

              The few gardens they have are beautiful, admittedly, but compared to the concrete jungles? Percentages are quite low, compared to Australia.

              Sydney is more racially diverse.

              Don't forget that Japan (and a lot of it in Tokyo) are one of the world leaders (if not the world leader) in suicide related deaths.

              So, while there may be differences, your point of comparison is a bit skewed.

              • INVOICE on 16/08/2019 - 13:43

                @jatyap: If you want to talk Japan, I've lived there for a short period of time (less than a year), and the only negatives of note are the work culture (which is a huge negative I admit), and parts of the criminal justice system which are… well, very immoral IMO (but since crime is so low and this is very rare it's unlikely to be a factor for 99.99% of people). O

                • jatyap on 16/08/2019 - 13:58

                  @INVOICE: Lived there for 5 years, mate. Still have friends living over there.
                  Their public transport system is better than Australia's, admittedly, but that's kind of a requirement given the population density differences.

                  It would be a bit of a stretch to say Sydney is nowhere near close to Tokyo, though. Even global livability indexes rank most major Australian cities higher.
                  The amount of space you get in most places in Australia, compared to Japan (for comparable prices) is huge.

        • Cluster on 09/08/2019 - 16:03
          +4

          The good news is the high house prices sort out the population problem. When only doctors, lawyers, and MBAs can afford to live within 20km of the CBD, more people won't want to settle in Sydney. If they do, or are willing to commute 4 hours to work each day, they're insane.

          There are other places in live in Australia than Sydney and Melbourne.

          • gimme on 10/08/2019 - 00:01
            +1

            @Cluster: You forgot tradies

            • abuch47 on 10/08/2019 - 13:39
              -8

              @gimme: dumb comment, a builder is not a tradie.

              a tradie is a tradesman labourer that earns under $30 an hour on award rate.

              owner builders and office clerk dont wear hivis, drive utes but do cash in.

              • gimme on 10/08/2019 - 14:31
                +11

                @abuch47: Yea whatever.. sparkies, plumbers… in my world are tradies

                • abuch47 on 10/08/2019 - 14:58

                  @gimme: in the real world they dont earn much unless they are self employed & work long hours in lucrative niches ie neolib wet dream. standard punching down.

                  • lonewolf on 10/08/2019 - 17:13
                    +1

                    @abuch47: I have a few family members who are tradies, they make way more than the people i know in IT careers after several years in Uni.

                    • Mike88 on 10/08/2019 - 21:16
                      +2

                      @lonewolf: I'm a tradie and my IT worker friends are earning significantly more than I am, to the tune of double my wage before overtime($40ph).
                      All the contacts I know are earning up to a maximum of $50ph as employees, know plenty of guys around the $30 mark as well.
                      If you are referring to self employed tradies, the same can be said for any operation. There will always be successful people running their own business but this is not the norm.

              • whooah1979 on 10/08/2019 - 14:39

                @abuch47:

                a tradie is a tradesman labourer that earns under $30 an hour on award rate.

                We’ve never meet a tradie that makes $30 p/h.
                https://www.news.com.au/finance/work/at-work/revealed-how-ma…

          • ripesashimi on 10/08/2019 - 02:23
            +3

            @Cluster: Maybe exclude lawyers from that list. Solicitor's average salary is pretty dissapointing considering the effort to get there and the amount of stress every day.

            Train drivers and OT electricians and plumbers seem appropriate.

            • RR88 on 10/08/2019 - 15:15
              +3

              @ripesashimi: spot on, when people think of a lawyer, they think of partner salaries.

              not 85k/yr inc super for 60hrs+ a week

              • lonewolf on 10/08/2019 - 17:14
                +1

                @RR88: Strange, all my friends who are lawyers make way way more than that, they work 8:30-5 generally and are not partners or anything, Still in their late 20s.

                • RR88 on 10/08/2019 - 17:19
                  +6

                  @lonewolf: they're lying to you or have a really really really good gig, look at hayes data for lawyers its pretty bad til you're closer to the top for the amount of work you do.

                  the fact that you say they work 8:30-5 alone makes me tend to not believe it

                • whooah1979 on 10/08/2019 - 19:22
                  +1

                  @lonewolf:

                  all my friends who are lawyers make way way more than that

                  Have you seen their payslips or group certificate?

                  Seek shows $60k to $110k and some a bit higher. That isn’t much considered the time and resources to become a solicitor.

                • ripesashimi on 10/08/2019 - 21:43
                  +2

                  @lonewolf: The legal sector is massive and people with connections and some luck can do well. I'm just saying a newbie joining the job market may have better chance in other sectors.

                  I also doubt the 8:30-5 reflects the amount of work they bring home.

            • Other on 10/08/2019 - 22:11

              @ripesashimi: Basically better to do any other job than solicitor these days. Massive oversupply. But Unis cranking them out because the course is cheap to run…

          • [Deactivated] on 10/08/2019 - 19:36

            @Cluster: There are barely any decent jobs outside Sydney or Melbourne though.

            • R4 on 13/08/2019 - 12:37

              @[Deactivated]: Nonsense. In your game maybe but in Perth, where I live, engineering salaries are the highest in Australia, and among the highest in the Western World.

              • [Deactivated] on 13/08/2019 - 15:26

                @R4: And how many Australians are engineers? How much demand is there for engineers? In most jobs outside trades, there are very few jobs outside Syd and Melbourne, and almost none outside Syd, Melbourne, Brisbane, and Perth.

                • R4 on 13/08/2019 - 23:31
                  +1

                  @[Deactivated]: So 4 cities then instead of 2 - I'll call that progress. I was careful to use the word engineering as it's much, much more than engineers. For every engineer working on a project, there are 10-20 other people doing other roles - designers, project managers, schedulers and controllers, H&S, environmental, quality, contracts and commercial, HR, PR, support etc. Most of these people earn really good money too. There is an infrastructure boom going on all along the East Coast, so big demand for engineering people - supply/demand equation always wins. If I could only get work in Sydney or Melbourne, I'd be living overseas rather than work in those 2 mediocre and overwhelmingly average cities.

        • berry580 on 11/08/2019 - 23:40
          -1

          If Sydney isn't a first class city, then welcome to Australia being a second class country.

      • R4 on 13/08/2019 - 12:35

        Sydney isn't a first-class city though

        • resisting the urge on 18/08/2019 - 11:07

          Nah, like many places, it just depends where you live, work and play.

          But lots of places now that are best avoided, because of the abject lack of planning, transport, out of scale, over-development, concrete and shopping centres that turn consumption into recreation, relentless traffic making everything else inpractical or unusable, empty or dilapidated shops in so many high streets, lack of public space, lack of trees (in a hot country, why not use natural sun-cover everywhere?, putting a tree between every parked car would make a massive difference.

    • spackbace on 09/08/2019 - 13:35
      +6

      For $1mil that's doable in Perth actually

      • Typical16-bitEnjoyer on 09/08/2019 - 13:42
        +12

        I feel sorry for anyone who bought a 700k+ property in Perth 10 years ago. Thoughts and prayers.

        • Daddyhere on 09/08/2019 - 15:52

          Sorry for being dumb.. why is that?

          • Typical16-bitEnjoyer on 09/08/2019 - 16:10
            +2

            @Daddyhere: Property prices have plummeted. Houses up to ~20% or more. Apartments sometimes worse. Even worse again if you're 30 mins south of Perth.

            Anyone who bought then will likely owe more than what their house is worth now.

            • Daddyhere on 09/08/2019 - 16:29
              +2

              @Typical16-bitEnjoyer: Indeed, Got a friend own a $3.5m house back in 2005, now worth/selling for the same amount. Where does the inflation go

              • HighAndDry on 09/08/2019 - 16:56
                +2

                @Daddyhere: Oh damn…

                Where does the inflation go

                Yeah, inflation still happened. Friend just lost money in real terms…

      • Zachary on 10/08/2019 - 22:05
        +1

        Who even has 1 mill in perth? I sure don't….

        • joshykins on 12/08/2019 - 10:06
          +2

          Lived there in 08. 17 yo apprentices in brand new Utes….10 years later and its back to being just like adelaide :(

          • Typical16-bitEnjoyer on 12/08/2019 - 11:15
            +1

            @joshykins: Yep. FIFO was good times for many. They've all gone home and taken the money with them.

            • Zachary on 17/08/2019 - 13:58

              @Typical16-bitEnjoyer: OH, so that's where all our money has gone too……instead of re-circulating within the state, it goes interstate….

    • Stimps on 09/08/2019 - 13:38
      -4

      Ok, let’s compare it to Dallas TX, larger metro population than Sydney, this ones about 7km from the CBD.

      https://www.zillow.com/homedetails/314-S-Winnetka-Ave-Dallas…

      • HighAndDry on 09/08/2019 - 14:08
        +12

        Population isn't a great indicator. Mumbai and New Delhi have larger populations too. Karachi, Johannesburg too? Tonnes of cities have more people. Not that many cities are better than Sydney.

        But sure - go move to Dallas if you want.

        • Kangal on 09/08/2019 - 14:21

          Maybe go off GDP-PPP based on the country (city if possible).
          I know Sydney and Melbourne are bad. And so is London, New York and LA, as well as Tokyo and Hong Kong.

          Maybe better to compare to Seoul, Singapore, or cities around North-West Europe.

        • Stimps on 09/08/2019 - 14:21
          +1

          Dallas isn’t a third world dump like those cities you just rattled off, though you could probably compare Sydney’s building standards to them.

          • HighAndDry on 09/08/2019 - 14:25
            +11

            @Stimps: https://en.wikipedia.org/wiki/Global_city

            Dallas is also not on the same level as Sydney. In fact, if you look at one ranking:

            https://en.wikipedia.org/wiki/Globalization_and_World_Cities…

            Sydney is Alpha+, Dallas is Beta+, a full three levels below.

            So again, I've no idea why you persist in arguing basically what are objective facts.

            These are the cities on the same level or better than Sydney:

            United Kingdom London
            United States New York City

            China Beijing
            United Arab Emirates Dubai
            Hong Kong Hong Kong
            France Paris
            China Shanghai
            Singapore Singapore
            Australia Sydney
            Japan Tokyo

            Go find a "house or townhouse within 10kms of the CBD" in any of those cities for less than $1M.

            I'll be here laughing. I'm not even sure there ARE ANY houses or townhouses within 10kms of the CBD in any of those cities, regardless of price.

              • HighAndDry on 09/08/2019 - 14:46
                +3

                @Stimps: No, it just shows how unreasonable this expectation is.

                • Stimps on 09/08/2019 - 16:48
                  -1

                  @HighAndDry: No, they have 2-3 times the population, so 10km out will inevitably be more developed. Not to mention they are land locked. How many new suburbs are being developed in Hong Kong?

                  • HighAndDry on 09/08/2019 - 16:58

                    @Stimps: More people != more developed.

                    More people just means more cramped and even less properties, but it says nothing about the income and wealth of the people there, and what they'd be willing to pay for properties.

                    I feel people are missing an important point - no one is somehow setting property prices.

                    Property prices are based on what people are ACTUALLY paying already. So Sydney property prices being this high? It's because Sydney-siders (and some foreign investors) are actually able to afford and buy property at those prices.

            • try2bhelpful on 09/08/2019 - 15:40
              +1

              @HighAndDry: The GaWC examines cities worldwide to narrow them down to a roster of world cities, then ranks these based on their connectivity through four "advanced producer services": accountancy, advertising, banking/finance, and law.

              Not sure those four criteria are the basis for rating where I want to live.

              • HighAndDry on 09/08/2019 - 16:58
                +1

                @try2bhelpful: Of course, everyone will have different criteria for where they want to live.

                But those four are very important for how much money you can make while living and working in those cities. And evidently because of how high property prices are - which is determined, in part, by demand for properties there, a lot of people want to live in these cities with sky-high property prices.

                • try2bhelpful on 09/08/2019 - 17:36

                  @HighAndDry: When I’m looking to live in a city I don’t start with those criteria, maybe I’m a tad different to others but I’m looking at pollution, public transport, health services, food providers, traffic congestion, etc. not how many accountants, lawyers and banks there are. (I am being a tad sarcastic here, I know this isn’t what they are saying here). Personally I have no trouble with Sydney. It is good for some things and crap for others, like any city. I would just have linked your defence of Sydney to something like below. Sydney ranks quite high.

                  https://en.m.wikipedia.org/wiki/Global_Liveability_Ranking

                  • chriise on 09/08/2019 - 20:42

                    @try2bhelpful: I think you're missing the point. Sydney offers jobs. High paying jobs. That is the number one thing I consider when looking at cities to move to. Unfortunately, if that need isn't met, then other stuff you listed doesn't mean Jack.

                    • try2bhelpful on 10/08/2019 - 15:44

                      @chriise: Might be the first thing you look for, but I don’t think you can talk down to people who don’t have that as the first thing on their list. Frankly I’m much happier having a lesser paying job if the environment I’m living in is not polluted, has a lower crime rate, better public transport facilities, a lower cost of living, isn’t subject to extreme weather conditions, doesn’t get regular earth quakes etc. in fact there are a heap of things I put before what you have said. What you have listed is your choice, not an objective choice. If we ran a poll here I’m sure people would put “not living in 50 degree heat all the time” way before “there are well paying jobs”.

                      • whooah1979 on 10/08/2019 - 15:57

                        @try2bhelpful: Some people prefer working in 40 degree heat and making >$4k p/w over $700 p/w in retail.

                        • try2bhelpful on 11/08/2019 - 00:45

                          @whooah1979: I said 50 degree heat and, I’m sure, the majority of people wouldn’t do that even if they were paid that rate. I’m opting for the $700 and a good lifestyle. As I said, your idea of good is not, necessarily, others. You were the one that was bagging others and saying this was the most important criteria.

                          • whooah1979 on 11/08/2019 - 05:59

                            @try2bhelpful: We have tried living in Sydney on $700 P/w. It is not a good lifestyle.

                            • try2bhelpful on 11/08/2019 - 08:15

                              @whooah1979: It would still be better than living in a hot highly polluted city. We were discussing criteria.

            • gromit on 10/08/2019 - 21:01

              @HighAndDry: Not only was it a bad city to compare against, he didn't even convert the price. 800k is 1.2million AUD and on top of that you get hit with hideously high annual property taxes, Texas has some of the highest in the US. You will also need to pay your stamp duty on top of that (very similar to Australia for rate).

        • freakatronic on 10/08/2019 - 22:29

          Any city is better than Sydney. Filthy place. Couldn't pay me to go there.

      • elgrande on 09/08/2019 - 15:43

        I must admit, that is a nice house.

      • twocsies on 10/08/2019 - 11:50
        +2

        USD$800,000 is almost AUD$1,200,000 for point of reference.

        • khangu on 10/08/2019 - 15:24
          +3

          And add in USD$11,777 annual tax which equates to AUD$17,350 per year.

          Lol.

          Sydney doesn't look too bad anymore.

          • Stimps on 10/08/2019 - 19:14
            -1

            @khangu: So we’re going to split hairs now. Ok, what’s the stamp duty on the equivalent $2.5 million house in Sydney? What’s the interest you will pay on the extra $1.7 mil over 30 years? What’s the council rates? How much income tax do they pay in the US? How much is a 2020 BMW M240I coupe in the US?

            Lol.

        • Stimps on 10/08/2019 - 15:34

          True, but they earn USD in Dallas, and the median house price to median household income is 4 where Sydney is 12. A middle class family in Dallas can aspire to and achieve a nice house in a good suburb, where in Sydney they never will. Ever.

          https://www.abc.net.au/news/2018-01-22/australian-housing-un…

    • abb on 09/08/2019 - 13:44
      +1

      In many cities, for $1M, they could. Average young families in other cities are paying prices that don't even buy you a 'renovator's delight' in Penrith.

      Examples:
      San Diego https://www.realestate.com.au/international/us/6993-howe-ct-…
      Chicago https://www.realestate.com.au/international/us/855-west-barr…
      New York City https://www.realestate.com.au/international/us/4365-ely-aven…
      London https://www.rightmove.co.uk/property-for-sale/property-73346…

      • HighAndDry on 09/08/2019 - 14:35
        +7

        Your New York example is in the freaking Bronx.

        1. That's 22kms from Downtown New York (so not within 10kms of the CBD), and
        2. Better know how to use a shotgun.

        Your London example is 600,000 Pounds, which is $1.068 Million AUD.

        Your San Diego and Chicago examples are also over $1M AUD. Plus, they're in San Diego and Chicago.

        And >$1M will DEFINITELY buy you a nice place in Penrith. It won't be a renovator's delight, you're right, because for that price in Penrith I'd expect it'd be near damn perfect already.

        • jsheroes on 11/08/2019 - 13:52

          You can absolutely get a 3br terrace with a garden for less than £500k less than 10k out in London, particularly if you go South or East.

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